With a new daily closing below SMA 100 Pitchfork channel's resistance has proved its accuracy. Fibonacci level of 38.2% also has played a big role sending the pair to the downside. Now, we need to witness a sustained breakout below the pivotal support of 1.3080 to negate the moderate positive sign appearing on Stochastic. The intraday basis remains bearish as far as 1.3250 hold; whilst short term traders' protection resides around 1.3380.
The trading range for today is among key support at 1.2930 and key resistance at 1.3290.
The general trend over short term basis is to the downside, targeting 1.1865 as far as areas of 1.3550 areas remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, selling the pair below 1.3080 targeting 1.2975 and stop loss above 1.3235 might be appropriate.|